Homeowner Resources
Heritage Home Loan Process
1. Determine if you are eligible. Click here to see if you qualify.
2. Fill out our quick ONLINE HERITAGE HOME FORM.
3. A program associate will be in contact within 1-2 business days to review your project scope, discuss the terms and conditions, provide you with the loan application and connect you with a loan officer at a Key Bank near you.
4. A site visit will be scheduled.
5. CRS will provide specifications for the exterior work to be done – specifications are not written for interior projects.
6. Acquire contractor bids, if not already done.Click here for our section on how to hire a contractor.
7. KeyBank will notify CRS of conditional approval and if an "after rehab" appraisal is needed.
8. Final Loan Approval. Using the finalized scope of work and project estimates, CRS will submit the final figures paperwork to KeyBank.
9. When the bank has received the final paperwork from CRS, they will then prepare your loan documents and a loan closing appointment will be set.
10. Once you sign the loan, there will be a 3-day "right of rescission" period. After three days, KeyBank will either issue you a check for the total amount of your loan or disburse funds to the escrow agent, if it is an "after rehab" loan.
11. Project work begins. You have eighteen (18) months from your loan closing date to finish your projects.
12. After project completion a CRS staff member will complete a closing site visit.